AICPA News
Employee retention credit guidance update and rising economic confidence - Journal of Accountancy podcast
On March 1, the IRS issued guidance on the employee retention credit. April Walker, CPA, CGMA, lead manager on the Tax Practice & Ethics team at the AICPA, explains the highlights of that guidance, including how the credit interacts with PPP loans. Also, Ken Witt, CPA, CGMA, senior manager for management accounting and member engagement at the AICPA, shares the important details of the latest AICPA Business & Industry Economic Outlook Survey.
journalofaccountancy.com
COVID-19/Coronavirus Tax Relief News
Next Covid Bill Would Provide a Tax Waiver on Up to $10,200 of Unemployment Insurance Benefits. Here's What You Need to Know
The latest updates to the $1.9 trillion federal coronavirus relief package could save millions of people from a surprise tax bill.
The Senate on Saturday passed a version of the Covid relief package that is slightly different than the one passed by the House. Senate Democrats agreed to lower additional unemployment aid to $300 per week from $400 but extended the payments through Sept. 6.
nbcwashington.com
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keithjonescpa.com
IRS News
AICPA recommends Circular 230 changes
The AICPA has recommended revisions to clarify and update certain aspects of Circular 230, Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R. Part 10), and allow a better understanding of the rules for tax practitioners when they are representing taxpayers before the IRS.
journalofaccountancy.com
News
Assessing The Biden Tax And Economic Recovery Plan
Robert Goulder and Martin A. Sullivan of Tax Notes discuss the Biden administrationās economic plan and stimulus package for addressing the economic implications of the COVID-19 pandemic.
forbes.com
Top Democrats urge IRS to extend tax-filing deadline beyond April 15
Top House Democrats on Monday urged the Internal Revenue Service to extend the tax-filing deadline beyond the traditional April 15 deadline, arguing the agency needs additional time to sort through a backlog of returns.
foxbusiness.com
$1,400 Stimulus Check Or Unemployment Tax Relief? American Rescue Plan Creates a Real Tax Headache for the Jobless
The $1.9 trillion Covid relief bill passed by the Senate waives federal tax on up to $10,200 of unemployment benefits. The American Rescue Plan also offers $1,400 stimulus checks for those who make up to $75,000.
nbcwashington.com
$1,400 Stimulus Checks Are Included in Congress' New Relief Package. Here's the Latest on What We Know About Those Payments
New $1,400 stimulus checks are included in Congress' $1.9 trillion coronavirus relief bill. The payments are similar to past checks; however, the income caps could be lower. Here's what we know now about who could qualify for the checks and how soon payments could go out.
nbcwashington.com
The Smallest Businesses Can Still Apply for the Paycheck Protection Program
Time is ticking for the smallest companies to access the priority application period for the Small Business Administration's Paycheck Protection Program.
But these firms, along with small businesses of all sizes, will still be able to apply for forgivable loans outside of the priority window.
nbcwashington.com